Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 42,073 $ 38,997
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,848 15,187
Share-based compensation expense 2,329 1,681
Negative provision for loan losses (4,490) (7,779)
Gain on sales of securities (46) (6,144)
Gain on sales of SBA loans (4,247) (4,878)
Gain on sale of premises and equipment (1,053) (137)
Disposition gains on PCI loans (3,411) (8,027)
Valuation adjustment on OREO 721 (27)
Origination of SBA loans held for sale (60,248) (59,273)
Proceeds from sales of SBA loans 61,494 66,157
Change in accrued interest receivable (659) 1,027
Change in bank-owned life insurance (809) (524)
Change in prepaid expenses and other assets 3,791 2,042
Change in income tax asset 1,436 12,304
Change in accrued interest payable (733) (465)
Change in FDIC loss sharing liability 412 (901)
Change in accrued expenses and other liabilities (10,533) (12,669)
Net cash provided by operating activities 36,875 36,571
Cash flows from investing activities:    
Proceeds from redemption of FHLB stock 0 1,195
Proceeds from redemption of FRB stock 14,423 0
Proceeds from matured, called and repayment of securities 98,771 94,108
Proceeds from sales of securities available for sale 78,282 352,224
Proceeds from sales of OREO 2,306 7,532
Proceeds from sales of loans 0 360
Proceeds from bank-owned life insurance 0 1,323
Change in loans receivable, excluding purchases (229,063) (154,892)
Purchases of securities (19,992) (111,864)
Purchases of premises and equipment 982 (1,169)
Purchases of loans receivable (143,189) (100,763)
Purchases of FRB stock (325) (1,825)
Net cash (used in) provided by investing activities (197,805) 86,229
Cash flows from financing activities:    
Change in deposits 261,231 (38,052)
Change in overnight FHLB borrowings (115,000) 0
Redemption of rescinded stock obligation 0 (933)
Proceeds from exercise of stock options 592 531
Cash paid for treasury shares acquired in respect of share-based compensation (502) (293)
Cash dividends paid (19,558) (7,031)
Net cash provided by (used in) financing activities 126,763 (45,778)
Net (decrease) increase in cash and cash equivalents (34,167) 77,022
Cash and cash equivalents at beginning of year 164,364 158,320
Cash and cash equivalents at end of period 130,197 235,342
Cash paid during the period for:    
Interest 13,759 12,443
Income taxes 21,654 13,528
Non-cash activities:    
Transfer of loans receivable to OREO 4,318 5,056
Transfer of loans receivable to loans held for sale 0 360
Due from broker on sale of securities 0 57,800
Income tax (expense) benefit related to items in other comprehensive income (5,593) (1,220)
Change in unrealized gain in accumulated other comprehensive income (13,518) (9,059)
Cash dividends declared $ (15,082) $ (10,549)